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the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial spending cuts, substantial tax increases at a time when the dme is still very weak. of course that's a recipe for sliding back into recession. we set ourselves up with the land mine and the road in front of our economy which is not based on anything real, it's just based on our politicalness. >> ifill: speaking of political mess, both sides have what they say are opening gambits on the table. president obama at least his last week which calls for $1.6 trillion in revenues. the republicans came back with their own yesterday. as you look
the deficit right now is. the notion that something terrible will happen if we don't deal with the deficit right away. the fiscal cliff is a very different story. that's about reducing the deficit too fast. >> ifill: you call it an austerity bomb. describe what you mean by that. >> what's happening is that we are scheduled, unless something is done basically to do to ourselves gratuitously what has been happening to some of the european economies. we're going to have substantial...
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president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's speaker boehner who is taking a mid point on the compromise between the two sides and offered it, and it's already flatley rejected? >> i think he may be rejected, sir, if i may -- >> i'm not talking about simpson -- erskine boelsz. i'm talking about the white house's response to it. >> let's get to that too. i think what erskine bowles is saying in his statement, that this letter from speaker boehner does not represent his theory, number one, but i think the line that the white house is having problems with, and i believe i found it in page two of the speaker's letter, i'll read it to you if i can. he says this, notably
president does not represent the bowles simpson plan, nor is it the bowles plan in my testimony on deficit reduction. i simply took the mid point of the public offers, put forward during the negotiations to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaker boehner's letter. the question i wanted to ask you is some of the details, as you know, it's all in. >> can we spin one more point on that? >> absolutely. >> here's...
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this is why medicare down the road adds so much to the federal budget deficit. so republicans say raise the retirement age to 67 or means testing, meaning making more wealthy americans pay more into the system or get less out of the system. if you means test, that means you're paying less out to affluent americans. if you raise the retirement age, you're paying out less as money comes in and keeping the revenue line closer to the cost line. that is the goal. so when you do a 10 or 20-year calculation, medicare is not adding to the deficit. but that's the policy and just as republicans are having a backlash against the speaker saying we don't think we should put tax increases on the table, the democrats and some of the new members in congress, they say they ran promising not to touch medicare. so they say they won't do this. so you have the credibility challenge. republicans say give us entitlement and other spending cuts and the democrats want higher tax rates. that's why we have a stalemate. >>> an internet icon wanted in connection with the killing of his neig
this is why medicare down the road adds so much to the federal budget deficit. so republicans say raise the retirement age to 67 or means testing, meaning making more wealthy americans pay more into the system or get less out of the system. if you means test, that means you're paying less out to affluent americans. if you raise the retirement age, you're paying out less as money comes in and keeping the revenue line closer to the cost line. that is the goal. so when you do a 10 or 20-year...
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in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the compromise between the two sides and offered it and it's already flatly rejected? >> i think what he might be rejecting, sir, if i may -- >> no, i'm not talking abo about erskine bowles. >> i think what he's saying in his statement, this letter from speaker boehner does not represent his theerly, number one, but i think the line the white house is have been problems with, i believe i found it in page two of the speaker's letter, he says this. notably, the new revenue in the bowles plan would not be a i chiefed through higher taxes, which we continue to oppose and will not agree to in order to protect small businesse
in my testimony before the joint select committee on deficit reduction, i simply took the midpoint of the public offers to demonstrate where i thought a deal could be reached at the time. he's very much backing away from speaking boehner's letter, but the question i wanted the to ask you -- >> can we spend one more point on that? >> of course. >> what did he say? that was the midpoint of a compromise from the two. so, here's speaker boehner who is taking a new point on the...
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the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas called sarin. >> today i want to make it absolutely clear to assad and those under his command, the world is watching. the use of chemical weapons is and would be totally unacceptable. and if you make the tragic mistake of using these weapons, there will be consequences and you will be held accountable. >> former british prime minister tony blair echoing the concerns earlier today on cnn. >> there are a lot of people dying. now the death toll probably would be around 40,000 since this began, since a large number of people. but if there was any sense at all that assad was going to use ch
the only thing bigger than the budget deficit is the trust deficit in washington. christine romans, cnn, new york. >>> developing now, nato allies say they have grave concerns that syria's government could be preparing to do precisely what so many have been fearing, unleash the chemical weaponry on its own people. president obama issuing a stern warning after intelligence reports suggest that president bashar al assad's regime is mixing these chemicals to make the deadly, deadly gas...
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when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate, that grants certainty to the middle class, to take that bill up and make sure that we can extend the middle class tax breaks before the holidays where we can give -- that's what everyone agrees on. i don't know any republican or democrat that thinks we should let those tax rates -- tax cuts for the middle class expire. so we should pass that now. and then on the things that we're having more trouble agreeing on, we should sit down at the table. the one thing i can assure you, the president and democrats in congress, have consistently said, we're not going to do this -- there is no my way or the hi
when the president and congressional democrats talk about the need for balanced approach, to deficit reduction and dealing with the fiscal cliff, we're talking about fairness. we're talking about making sure that if you work hard and play by the rules everyone has a chance to succeed. that the middle class needs certainly tight right now. speaker pelosi and my colleague congressman tim walls, filed a discharge petition today to take the bill that we have, that has already passed the senate,...
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and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee. always good to see you, mr. quest. always making it simple for us. richard quest in london. probably didn't pay for that coffee. >>> over the weekend, the palestinians celebrated their new status recognized by the united nations. the joy short-lived. how israel's decision to pursue even more settlements in the west bank and east jerusalem may kill any hopes of peace. we'll dive deep lie into this issue. >>> rp says it's not changing plans for the controversial housing development in east of jerusalem also developments in east jerusalem. this is despite getting a diplomatic mackdown recently from austral
and the chancellor of the -- the finance minister has now warned that he won't meet his deficit targets for austerity will have to continue. we expect higher taxes on the rich tomorrow, cuts in public spending, and in this environment the multinationals like google, amazon, starbucks, are very firmly in the firing line. after all what better than to attack big corporate america. and they're being told, smell the coffee. i can play that game, too, michael. >> wake up and smell the coffee....